Prince Reportedly In Foreclosure
June 9, 2011 at 12:25 PM (PT)
The Sheriff's Office in CARVER COUNTY has reported that PRINCE has fallen behind $368,382 on the mortgage to his 20-acre estate in CHANHASSEN, the MINNEAPOLIS suburb that he has owned for 31 years.
Although the report has been denied by his publicist; a local legal firm was quoted as saying there is a reasonable likelihood that PRINCE will send the payment before the property hits the auction block.
According to the foreclosure notice, PRINCE bought the property in 1994 for $605,000 and leveled the place in 2005, leaving only the tennis court and gatehouse. The property is currently valued at $1.5 million. Given that PRINCE came up with $.13 million last year in current and delinquent property taxes on 14 parcels in CHANHASSEN, it would seem unlikely that he would allow the property to go into foreclosure.